MIE 201 Exam 4 Questions & Answers 100% Updated!

marketing - ANSWERSgroup of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas functions of marketing - ANSWERSbuying, selling, transporting, storing, grading, financing, market research, risk taking exchange - ANSWERSthe act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas) value - ANSWERScustomer's subjective assessment of benefits relative to costs in determining the worth of a product customer value = customer benefits - customer costs customer costs - ANSWERSinclude anything a buyer must give up to obtain the benefits the product provides including cost, time, effort, and risk marketing concept - ANSWERSthe idea that an organization should try to satisfy customer needs coordinated activities that also allow it to achieve its own goals market orientation - ANSWERSrequires organizations to gather information about customer needs, share that information throughout the entire firm, and use it to help build long-term relationships with customers must first determine what customers want and then produce it, rather than making the products first and then trying to persuade customers that they need them production orientation - ANSWERSNew technologies, such as electricity, railroads, internal combustion engines, and mass-production techniques, made it possible to manufacture goods with ever increasing efficiency Together with new management ideas and ways of using labor, products poured into the marketplace, where demand for manufactured goods was strong. sales orientation - ANSWERSbusinesspeople viewed sales as the primary means of increasing profits those who adopted the sales orientation perspective believed the most important marketing activities were personal selling and advertising marketing strategy - ANSWERSa plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers market - ANSWERSa group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas target market - ANSWERSmore specific group of consumers on whose needs and wants a company focuses its marketing efforts. Target markets can be further segmented into business markets and consumer markets